Asia-Pacific: Tanker Market 2023

Tanker Market Size in Asia-Pacific

After two years of growth, the Asia-Pacific tanker market decreased by -3% to $X in 2021. Overall, consumption, however, recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2018 to 2021, the growth of the market remained at a lower figure.

Tanker Production in Asia-Pacific

In value terms, tanker production dropped to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 with an increase of 14%. As a result, production reached the peak level of $X. From 2017 to 2021, production growth remained at a lower figure.

Tanker Exports

Exports in Asia-Pacific

In 2021, shipments abroad of tankers decreased by -3.4% to X units, falling for the second consecutive year after two years of growth. Overall, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 18%. Over the period under review, the exports reached the maximum at X units in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, tanker exports totaled $X in 2021. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 34% against the previous year. As a result, the exports attained the peak of $X. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

South Korea (X units) and China (X units) were the key exporters of tankers in 2021, finishing at approx. 41% and 32% of total exports, respectively. It was distantly followed by Japan (X units), committing a 19% share of total exports. Marshall Islands (X units) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Marshall Islands (with a CAGR of +17.7%), while the other leaders experienced mixed trends in the exports figures.

In value terms, South Korea ($X), China ($X) and Japan ($X) constituted the countries with the highest levels of exports in 2021, with a combined 91% share of total exports. These countries were followed by Marshall Islands, which accounted for a further 5.5%.

Among the main exporting countries, Marshall Islands, with a CAGR of +24.3%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2021, the export price in Asia-Pacific amounted to $X per unit, with an increase of 12% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when the export price increased by 14% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2017 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Marshall Islands ($X per unit), while Japan ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Marshall Islands (+5.6%), while the other leaders experienced mixed trends in the export price figures.

Tanker Imports

Imports in Asia-Pacific

In 2021, approx. X units of tankers were imported in Asia-Pacific; with a decrease of -3.1% against the previous year's figure. Over the period under review, imports, however, continue to indicate a slight expansion. The most prominent rate of growth was recorded in 2017 with an increase of 2,139% against the previous year. As a result, imports reached the peak of X units. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, tanker imports expanded slightly to $X in 2021. Total imports indicated a measured increase from 2012 to 2021: its value increased at an average annual rate of +2.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -23.3% against 2019 indices. The pace of growth was the most pronounced in 2019 when imports increased by 33% against the previous year. Over the period under review, imports attained the maximum at $X in 2016; however, from 2017 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Marshall Islands (X units), distantly followed by Singapore (X units), Indonesia (X units), Thailand (X units) and India (X units) were the key importers of tankers, together mixing up 81% of total imports. Malaysia (X units) and Japan (X units) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Thailand (with a CAGR of +24.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Marshall Islands ($X), Singapore ($X) and India ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 80% share of total imports. Indonesia, Japan, Malaysia and Thailand lagged somewhat behind, together accounting for a further 11%.

Malaysia, with a CAGR of +27.9%, saw the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Asia-Pacific stood at $X per unit in 2021, growing by 6.9% against the previous year. Overall, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the import price increased by 2,456%. The level of import peaked at $X per unit in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Singapore ($X per unit), while Thailand ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+23.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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